Orion Energy Reports Successful Fiscal 2018 Third Quarter

Manitowoc Based Orion Energy Systems is reporting a very successful fiscal 2018 third quarter. According to a news release, the LED lighting and energy project solution company saw their revenue rise 12.3% to $17.3 million for the quarter that ended on December 31st. In addition to a rise in profits, Orion has also identified, and are implementing an additional $1.5 Million in additional cost reductions. That brings their total annualized cost reductions to around $6 Million. Orion CEO and Board Chair, Mike Altschaefl (alt-SHAY-full) knows at least part of the reason they have been successful. He stated, “The good news is that we are seeing strengthening demand from large and long-standing national accounts. National accounts made a significant contribution to the sequential revenue improvement in quarter 3 of 2018.” Another big reason for their success is the widespread adoption of their new Harris LED lighting systems.